Red Hat Inc. (NYSE:RHT) had its target price hoisted by equities research analysts at BMO Capital Markets from $85.00 to $89.00 in a report issued on Thursday. The firm currently has an “outperform” rating on the open-source software company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 15.52% from the stock’s previous close.

A number of other analysts have also commented on RHT. Vetr raised Red Hat from a “buy” rating to a “strong-buy” rating and set a $81.54 price objective on the stock in a research note on Thursday, September 8th. Jefferies Group reaffirmed a “hold” rating and set a $75.00 price objective on shares of Red Hat in a research note on Saturday, June 25th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Red Hat in a research note on Friday, June 17th. Barclays PLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Red Hat in a research note on Thursday, September 15th. Finally, Morgan Stanley lowered Red Hat from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $72.18 to $80.00 in a research note on Thursday, July 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Red Hat currently has a consensus rating of “Buy” and a consensus price target of $87.83.

Shares of Red Hat (NYSE:RHT) opened at 77.04 on Thursday. The firm’s 50-day moving average is $74.08 and its 200-day moving average is $74.11. Red Hat has a 52 week low of $59.59 and a 52 week high of $84.44. The stock has a market capitalization of $13.95 billion, a price-to-earnings ratio of 67.58 and a beta of 1.32.

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Red Hat (NYSE:RHT) last announced its quarterly earnings results on Wednesday, September 21st. The open-source software company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Red Hat had a return on equity of 18.27% and a net margin of 9.93%. The business earned $599.80 million during the quarter, compared to analysts’ expectations of $593.34 million. During the same quarter last year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was up 19.0% on a year-over-year basis. On average, equities research analysts anticipate that Red Hat will post $2.21 EPS for the current fiscal year.

In other news, EVP Delisa Alexander sold 2,395 shares of the business’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $72.83, for a total value of $174,427.85. Following the sale, the executive vice president now owns 60,780 shares of the company’s stock, valued at approximately $4,426,607.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Cunningham sold 10,000 shares of the business’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $73.14, for a total value of $731,400.00. Following the completion of the sale, the executive vice president now directly owns 64,800 shares in the company, valued at approximately $4,739,472. The disclosure for this sale can be found here. Company insiders own 0.76% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Red Hat during the second quarter worth approximately $532,000. Kentucky Retirement Systems purchased a new stake in Red Hat during the second quarter worth approximately $1,120,000. Nomura Holdings Inc. increased its stake in Red Hat by 21.6% in the second quarter. Nomura Holdings Inc. now owns 171,951 shares of the open-source software company’s stock worth $12,480,000 after buying an additional 30,498 shares in the last quarter. Mason Street Advisors LLC purchased a new stake in Red Hat during the second quarter worth approximately $1,774,000. Finally, Braun Stacey Associates Inc. increased its stake in Red Hat by 8.5% in the second quarter. Braun Stacey Associates Inc. now owns 172,240 shares of the open-source software company’s stock worth $12,505,000 after buying an additional 13,535 shares in the last quarter. 94.81% of the stock is currently owned by institutional investors.

Red Hat Company Profile

Red Hat, Inc (Red Hat) provides open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, management, middleware, cloud, mobile and storage technologies. Red Hat operates through three geographical segments: the Americas, including the United States, Canada and Latin America; EMEA, including Europe, Middle East and Africa, and Asia Pacific.

5 Day Chart for NYSE:RHT

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